Mack-Cali: 1Q Earnings Snapshot

JERSEY CITY, N.J. (AP) _ Mack-Cali Realty Corp. (CLI) on Wednesday reported a key measure of profitability in its first quarter. The results fell short of Wall Street expectations.

The Jersey City, New Jersey-based real estate investment trust said it had funds from operations of $40.8 million, or 40 cents per share, in the period.

The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 41 cents per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $244.5 million, or $2.66 per share.

The real estate investment trust posted revenue of $134.2 million in the period.

Mack-Cali expects full-year funds from operations in the range of $1.57 to $1.67 per share.

The company's shares have increased 19% since the beginning of the year. The stock has risen 34% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CLI at https://www.zacks.com/ap/CLI